The Daily: McAfee’s “Unhackable” Wallet Is Doomed, Coinbase Wants to Be Your ID

In today’s edition of Bitcoin in Brief we cover stories about John McAfee refusing to acknowledge his “unhackable” wallet has been hacked after tinkerers were able to install Doom on the device, Coinbase wanting to become a verified identity service, and more.

McAfee Refuses to Acknowledge “Unhackable” Wallet Was Hacked

We recently reported that security researchers attacked the Bitfi wallet, which was said to be “unhackable” by its promoters like John McAfee, cracking it open and finding out it was nothing more than a cheap phone with the camera and SIM taken out. Well, now they also successfully sent signed transactions with the device, claiming a Bitfi bug bounty. And before that someone had even been able to demonstrate root control of the device by installing the classic video game Doom on it.

McAfee reacted with scorn, twitting: “A video played on your Bitfi wallet has nothing to do with the safety of your funds. This is amateur hour, not a hack! Any device with a computer and screen can be used to play games. I should start watching my YouTube videos on Bitfi wallet.” He later added: “Laughing so hard I can barely catch my breath. “Hackers” play Doom, play videos, root the device, play music on the BitFi wallet. We dont charge extra for those facilities. No-one has taken the coins from our pre-loaded wallet. No one will. Isn’t this what matters?”

Coinbase Wants to Be Your Online ID

Coinbase, the San Francisco-based cryptocurrency behemoth, has announced that the Distributed Systems team is joining the company as it hired the startup. The venture was working on “human-friendly, decentralized identities and permissioned tokens”, building a standard for identification called the Clear Protocol, and they now bring these capabilities to Coinbase.

While a digital ID can be of service within the crypto ecosystem, such as for AML/KYC verification for ICOs and engaging with dapps, Coinbase appears to have much broader long term aspirations. The company explained in a blog post that: “A decentralized identity will let you prove that you own an identity, or that you have a relationship with the Social Security Administration, without making a copy of that identity. If you stretch your imagination a little further, you can imagine this applying to your photos, social media posts, and maybe one day your passport too.”

$10 Million Line Venture Fund

Line Corporation (NYSE:LN/TSE:3938), the company behind the messaging app most popular in Japan by the same name, has announced that its Korea-based subsidiary, Unblock Corp., has recently established Unblock Ventures Ltd., a corporate token venture fund in Hong Kong. Unblock Ventures focuses on token investments and has a capital commitment of $10 million USD, made by LVC Corporation (another Line group company).

The company also announced that it has added tron to Bitbox, its recently launched Singapore-based cryptocurrency exchange. “Integrating TRON (TRX) with BITBOX will enable us to connect with the world’s fastest-growing blockchain project,” said Youngsu Ko, CEO of LINE Tech Plus, the subsidiary that operates the venue. “TRON has a solid tech platform, especially now it has joined forces with BitTorrent. We look forward to building a strategic partnership with TRON and offering our users the best experience available in the cryptocurrency space.”

Bitcoin Cash (BCH) Only ATM Installed in North Queensland, Australia

Satoshiware NQ, which helps grow North Queensland, Australia’s Bitcoin Cash community by providing support to business owners and their staff who want to learn how to adopt the technology, has revealed on social media that it has installed its first BCH “vending machine”. The one-way BCH-only ATM now stands as Strand Fitness on Flinders St West, Townsville City. The group also says it currently has five more such machines that we will be rolling out across the region.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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